Asian session review: the US dollar rose in anticipation of the Fed's decision

During today's Asian trading, the US dollar rose against most major currencies on expectations of the outcome of the two-day meeting of the Federal Reserve System (Fed).

The ICE index, which tracks the dollar's performance against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona), rose 0.18%.

The results of the Fed meeting will be released today at 18:00 GMT, and at 18:30 GMT, the press conference of Fed Chairman Jerome Powell will begin. Investors are waiting for signals from Powell about when the Fed may start reducing stimulus. Earlier, Powell promised to warn the markets in advance about the planned changes in the Fed's policy. The consensus forecast of analysts shows that the Fed will not raise the base rate until 2023.

At the same time, about 45% of economists who participated in a Bloomberg survey in the period from April 16 to 21 expect that the FOMC will announce plans to gradually reduce the volume of securities repurchases in the fourth quarter of this year.

In addition, investors expect today the address of US President Joe Biden to both Houses of Congress. As White House press Secretary Jen Psaki said last week, the focus will be on the social spending plan. The plan may amount to $1.8 trillion, and it will, in particular, include support for families with children.